第一節 結論
在DFPM 架構上一個利率的二元樹，EDFPM 的功能性更強，衡量出的風險更符合 實際狀況。第一點EDFPM 比起其他數值模型解決了非線性誤差問題，而且可以描述特 殊情形的連續模型Merton、FPM 等。第二點 EDFPM 保有 DFPM 的優勢，不僅可做到 離散檢視，符合一般月報、季報、年報觀察公司資產實況，直接捕捉當公司償還負債時 的風險，並視實際狀況變動違約門檻。第三點EDFPM 延伸至考慮隨機利率，藉由調整 利率參數，如初始利率、利率的波動度、長期利率水準、以及均數復歸率有效地衡量不 同利率情況公司所面臨的風險，並討論利率與公司資產變動相關的前提下，信用風險溢 酬的變化，合理的反應不同類型的金融機構在不同利率期間結構下對於信用風險的影 響。
第二節 後續研究
後續可針對財務議題對模型進行延伸，考慮隨機利率下使得股東權益最大的最適負 債比率，和公司於利率變動下對於發行的公司債是否做出提前贖回，以及討論具可轉換 債性質的公司債；將利率部分延伸至no arbitrage model，並討論因利率變動的違約門檻；
將模型使用在Reduced Form Model 上，模擬違約強度以及利率兩變動因子。
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